University of Warwick spin out company Concurrent Thinking has raised £800,000 in an investment round led by Finance Birmingham.
The company, formed in 2009, is developing software tools designed to improve the efficiency of data centres. Its Concurrent Command suite of products aims to reduce operational costs and energy bills.
Birmingham City Council’s venture capital company, Finance Birmingham invested £400,000 into the company; the rest was raised through existing investors, including the ERA Foundation, the Carbon Trust, Forward Group, and Midven.
The company’s growth is being driven forward by new CEO, Terry Hale, who is also moving the company into new offices at Longbridge Technology Park, later this month and is expecting to complete a further funding round within the next six months.
See also: Concurrent Thinking gets funding from Finance Birmingham (Birmingham Post)